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Fidelity National Information Services CEO Reveals Why Company Went Ahead With SunGard Acquisition

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Fidelity National Information Services (NYSE: FIS) announced on Wednesday that it would be acquiring financial software maker SunGard in a $9.1 billion cash-and-stock deal.

Gary Norcross, Fidelity National Information Services president and CEO, was on CNBC to explain the reasoning behind this acquisition.

A Good Fit

"We've always looked for companies that fit our overall strategy," Norcross began. "And part of our strategy is acquiring and expanding great products like what SunGard has to offer. So we like to find companies that can bring a new product into our new service for an existing market we serve, break us into an adjacent market or ideally both and frankly when SunGard announced their intentions to go public, we said why don't we take a look, could be a good fit."

Reduces Complexity For Clients

Norcross continued, "It's a great win for our clients. What you're seeing going on in the global financial markets, the global financial institutions is those customers they have to consolidate the number of solution providers they are doing business with, it's complex and it's getting more complex each and every day."

Could Be A Nice Win

"So for us to be able to able to bring more product capability -- to be able to cross sell and up sell on our existing clients, for us to take our product [...] cross selling and up selling the SunGard client --it's going to be a nice win. And clearly the market is seeing it that way as well," Norcross concluded.

Posted-In: CNBC Gary Norcross SunGardM&A Media

 

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